Belarus Experiences a Trade Deficit of Over $600 Million
In the first quarter of 2025, Belarus reported an increase in its total imports of goods and services. The National Bank of Belarus revealed that the country's external trade turnover of goods and services increased by 1.8% compared to the same period in 2024, totaling $23.47 billion [1].
Imports, in particular, saw a rise of 4.6%, reaching $12.04 billion, compared to the first quarter of 2024 [1]. This growth contributed to a negative trade balance of $625 million for the quarter [1][2].
Exports of goods and services for the first three months of the year totaled $11.42 billion, a decrease of 1.1% in comparison to the same period last year [1].
Analyzing the trade in goods, the National Bank reported a decrease of 0.6% for the total turnover at $19.45 billion. Exports declined by 4.6% to $9 billion, while imports increased by 3% to $10.44 billion, resulting in a negative balance of $1.43 billion [1].
However, exports and imports of services saw different trends, with the external trade turnover of services increasing by 15.3% to $4.01 billion [1]. Specifically, exports of services amounted to $2.41 billion (+14.8%), while imports totaled $1.6 billion (+16.1%) [1]. This positive balance of external trade in services was $814.5 million [1].
[1] Source: National Bank of Belarus: Preliminary data on Belarus' external trade turnover for the first quarter of 2025.
The rise in imports contributed to a negative trade balance for the first quarter of 2025 in the industry sector, reaching $625 million, as reported by the National Bank of Belarus. Moreover, the finance industry showed a positive balance of external trade in services, with a growth of 15.3% to $4.01 billion, as reported in the same preliminary data.
